"North American Alipay" Square launches Cash App Pay! Challenge Paypal!

It is learned that the US payment platform Square recently announced the launch of Cash App Pay, allowing consumers to pay using their Cash App account through a QR code or a button on their mobile device at checkout.

It is reported that merchants can integrate Cash App Pay by simply updating their software, allowing Cash App users to use the platform to check out both in-store and online. Sellers can also use the tool to manage receipts, reconciliation and settlement in the Square app.

Data shows that payment applications are growing at an astonishing rate. The user base is expected to reach 39.7 million this year, with a transaction volume of $94.76 billion. In the second quarter of 2021, nearly two-thirds of monthly active users made transactions weekly, and according to Square's second quarter 2021 financial report, online transaction volume increased nearly fourfold compared to the second quarter of 2019.

Additionally, during the pandemic, Square's small sellers saw their total payment volume grow 88% in the second quarter of 2021.

The launch of Cash App Pay has also heated up the competition between Square and PayPal, two international payment giants. Both companies have launched similar features in recent months. Not long ago, PayPal also expanded its QR code payment service and signed agreements with many new partners.

Editor✎ Irene/

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